The hidden costs of hidden debt

Johan Almenberg · Artashes Karapetyan

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Decision-Making and Behavioral Economics Housing Market and Economics Financial Literacy, Pension, Retirement Analysis

Abstract

We report evidence that salience may have economically signi.cant e¤ects on homeowners.borrowing behavior, through a bias in favour of less salient but more costly loans. Survey evidence corroborates the existence of such a bias. We outline a simple model in which some consumers are biased and show that under plausible assumptions this affects prices in equilibrium. Market data support the predictions of the model.

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